SEOUL, December 26 (AJP) - A $22-billion Korean-led smart city development project near Kyrgyzstan's Issyk-Kul Lake faces potential collapse following South Korea's martial law declaration during Kyrgyz President Sadyr Japarov's state visit.
The project, which secured a 49-year lease for 20 square kilometers of land in June, aimed to develop a medical smart city. President Japarov's abrupt return home during the Korean political crisis has left the project's future uncertain.
"An investor had committed 10 billion won on Dec. 4, but that was canceled," said Ahn Do-hyun, the project's development representative. "If we fail to secure investment by the end of this month, there's a high possibility China will take over the project rights."
The disruption came just hours after South Korea and Kyrgyzstan signed a strategic partnership agreement focusing on economic, environmental, and energy supply chain cooperation during Japarov's visit on Dec. 3.
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